Comcast Corporation’s NBCUniversal bought DreamWorks Animation for about AU$4.96 billion (US$3.8 billion). NBC Universal now has an increased reach to kids and the family entertainment segment following the acquisition.

DreamWorks shareholders will receive AU$53.56 (US$41) in cash for each share. According to Yahoo News, the company will pay AU$4.96 billion (US$3.8 billion) in cash and the total equity value of the deal including debt is AU$5.36 billion (US$4.1 billion).

NBCUniversal wants to grow its theme parks and consumer products business and strengthen its presence in films and television following the deal. According to Polygon, Comcast has set its sights on building theme parks based on DreamWorks characters in the coming years.

The deal sees NBCUniversal adding DreamWorks Classics to its portfolio, states a press release. The classics division are a library of characters like Where’s Waldo and Rudolph the Red-Nosed Reindeer. It will also get its hands on DreamWorks’ film properties. This includes “Shrek,” “Madagascar,” “Kung Fu Panda,” and “How to Train Your Dragon.”

It also gets the TV business which boasts of hundreds of hours of original and animated content. The content is distributed through various platforms including SVOD in more than 130 countries.

“DreamWorks Animation is a great addition to NBCUniversal. Jeffrey Katzenberg and the DreamWorks organization have created a dynamic film brand and a deep library of intellectual property,” said Steve Burke, CEO of NBCUniversal. “DreamWorks will help us grow our film, television, theme parks and consumer products businesses for years to come. The prospects for our future together are tremendous,” he added.

Jeffrey Katzenberg is appointed as chairman of DreamWorks New Media. This means he will be in charge of exploring the potential of AwesomenessTV and NOVA. He will also be a consultant to NBCUniversal.

The news has already sent DreamWorks’ shares up north 24 percent, informs CNN Money. It reminds experts of the Disney-Pixar deal, though on a smaller scale. It has also led to speculations about similar deals that can shake the industry.